Family LLCs and limited partnerships often offer important tax and nontax benefits for the ownership, management and disposition of certain types of assets. Because of their potential for tax abuse, family partnerships and LLCs have historically been subject to close scrutiny by the Tennessee Department of Revenue and the IRS. In determining whether you should implement a family entity such as a LLC to manage assets you should first seek legal and tax advice from counsel experienced with both Tennessee and federal tax laws.

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